Western Midstream Partners, LP (WES)

Western Midstream gathers oil and gas from wells and prepares them for transport — the work between the wellhead and the pipeline.

The partnership owns gathering networks and plants that treat gas and separate liquids. It neither buys nor sells hydrocarbons — it charges for volume passing through the system. What matters is therefore not price but the pace of drilling around it: while producers work, there is volume.

Contracts usually include a commitment to ship a minimum volume or pay for it, which makes the flow predictable. A substantial part of the system serves a few large customers, including the former parent — that is both stability and concentrated risk. The partnership form implies high distributions to unitholders and distinctive tax treatment.